Markets Right Now: US stocks open slightly lower

Sunday, 29 April, 2018

US bond yields are rising again.

The Dow Jones Industrial Average added 0.3 percent to close the session at 24,083.83. The 30-stock index has fallen for five days in a row. The Nasdaq Composite was lower at 7,003.74 for a loss of -3.61 points or -0.05%.

Stocks shot up at the end of 2017 and the start of 2018 as investors bet that the corporate tax overhaul would lead to bigger profits for American companies and greater economic growth. That sent stocks to record highs in January.

Caterpillar shares fell by 6.2 percent after Halverson's comment, with other corporations following suit. Defense contractor General Dynamics shed 5.6 percent to $209.50 after its first-quarter report and Northrop Grumman sank 6.5 percent to $319.45. The company reported better-than-expected first-quarter earnings and boosted its full-year sales and profit forecast but did not raise its 2018 cash-flow projections. Boeing rose 1.1 percent to $332.58.

BONDS: The concerns about increased costs also come at a time of rising interest rates, which makes it more expensive for companies to borrow money. Bond prices fell again Wednesday, sending yields higher.

The 10 year benchmark of Treasury yield traded at 3.02 percent after breaking above the rate of 3 percent for the first time on Tuesday since 2014. the rates which are moving higher is pushing the stocks lower with the Dow dropping by more than 400 points. Now investors are worrying about whether that growth will show up.

Benchmarks in Hong Kong and South Korea fell as much as 1% by midday, while a number of other markets logged declines of at least 0.5%. It shed 1.4 percent to $67.70 a barrel in NY the previous day. The Brent oil price fell by 0.96% to 73.99 Dollars per barrel.

Twitter, initially up 10 percent after a strong set of quarterly results, flipped to a 3 percent fall on the day.

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